Career and Education Opportunities for Insurance Underwriters in Irving, Texas
If you want to be an insurance underwriter, the Irving, Texas area offers many opportunities both for education and employment. There are currently 5,860 jobs for insurance underwriters in Texas and this is projected to grow by 14% to 6,660 jobs by 2016. This is better than the national trend for insurance underwriters, which sees this job pool shrinking by about 4.1% over the next eight years. Insurance underwriters generally review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
Income for insurance underwriters is about $26 per hour or $55,220 per year on average in Texas. Nationally, their income is about $27 hourly or $56,790 yearly. Incomes for insurance underwriters are better than in the overall category of Accounting and Auditing in Texas, and better than the overall Accounting and Auditing category nationally. People working as insurance underwriters can fill a number of jobs, such as: risk analyst, customer service representative, and life underwriter.
There is one school within twenty-five miles of Irving where you can study to be an insurance underwriter, among eighty-three schools of higher education total in the Irving area. Given that the most common education level for insurance underwriters is a Bachelor's degree, you can expect to spend about four years training to become an insurance underwriter if you already have a high school diploma.
CAREER DESCRIPTION: Insurance Underwriter
In general, insurance underwriters review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
Insurance underwriters decline excessive risks. They also write to field representatives and others to obtain further data or explain company underwriting policies. Equally important, insurance underwriters have to inspect company records to establish amount of insurance in force. They are often called upon to decrease value of policy when risk is substandard and specify applicable endorsements. Finally, insurance underwriters authorize reinsurance of policies when risks are high.
Every day, insurance underwriters are expected to be able to read and understand documents and reports. It is also important that they articulate ideas and problems.
It is important for insurance underwriters to evaluate possibility of losses due to catastrophe or excessive insurance. They are often called upon to examine documents to establish degree of risk from such factors as applicant financial standing and value and state of property. Somewhat less frequently, insurance underwriters are also expected to write to field representatives and others to obtain further data or explain company underwriting policies.
And finally, they sometimes have to decrease value of policy when risk is substandard and specify applicable endorsements.
Like many other jobs, insurance underwriters must have exceptional integrity and be thorough and dependable.
Similar jobs with educational opportunities in Irving include:
- Accountant. Analyze financial information and prepare financial reports to determine or maintain records of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization.
- Assessor. Appraise real and personal property to determine its fair value. May assess taxes in accordance with prescribed schedules.
- Auditor. Examine and analyze accounting records to determine financial status of establishment and prepare financial reports concerning operating procedures.
- Budget Analyst. Examine budget estimates for completeness, accuracy, and conformance with procedures and regulations. Analyze budgeting and accounting reports for the purpose of maintaining expenditure controls.
- Cost Analyst. Prepare cost estimates for product manufacturing, construction projects, or services to aid management in bidding on or determining price of product or service. May specialize according to particular service performed or type of product manufactured.
- Credit Analyst. Analyze current credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with this credit information for use in decision-making.
- Financial Analyst. Conduct quantitative analyses of information affecting investment programs of public or private institutions.
- Financial Examiner. Enforce or ensure compliance with laws and regulations governing financial and securities institutions and financial and real estate transactions. May examine, verify correctness of, or establish authenticity of records.
- Income Tax Advisor. Prepare tax returns for individuals or small businesses but do not have the background or responsibilities of an accredited or certified public accountant.
- Insurance Appraiser. Appraise automobile or other vehicle damage to determine cost of repair for insurance claim settlement and seek agreement with automotive repair shop on cost of repair. Prepare insurance forms to indicate repair cost or cost estimates and recommendations.
- Loan Counselor. Provide guidance to prospective loan applicants who have problems qualifying for traditional loans. Guidance may include determining the best type of loan and explaining loan requirements or restrictions.
- Loan Officer. Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and methods of payments. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
- Personal Financial Planner. Advise clients on financial plans utilizing knowledge of tax and investment strategies, securities, and real estate. Duties include assessing clients' assets, liabilities, and financial objectives to establish investment strategies.
- Real Estate Appraiser. Appraise real property to determine its value for purchase, sales, or loan purposes.
- Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.
EDUCATIONAL OPPORTUNITIES: Insurance Underwriter Training
University of North Texas - Denton, TX
University of North Texas, Chestnut Ave., Denton, TX 76203-1277. University of North Texas is a large university located in Denton, Texas. It is a public school with primarily 4-year or above programs. It has 34,795 students and an admission rate of 64%. University of North Texas has a bachelor's degree program in Insurance which graduated ten students in 2008.
Chartered Property Casualty Underwriter: More than 65,000 people have earned the CPCU professional designation.
For more information, see the American Institute for CPCU and Insurance Institute of America website.
Associate in Commerical Underwriting: Enhance your professional confidence by building a strong foundation in underwriting principles with the Institutes' Associate in Commercial Underwriting program.
Associate in Risk Management: The Insurance Institute of America's newly revised Associate in Risk Management (ARM) designation program will teach your employees the practical, relevant skills they need to help manage risk at all levels of your company.
Associate in Premium Auditing: The Associate in Premium Auditing program provides a sold foundation in essential auditing, accounting, and insurance principles.
Associate in Insurance Services: The Associate in Insurance Services program is a nationally recognized educational program designed specifically for insurance personnel.
Associate in Risk Management for Public Entities: The Insurance Institute of America's newly revised Associate in Risk Management (ARM) designation program will teach your employees the practical, relevant skills they need to help manage risk at all levels of your company.
Risk Management for Public Entities: Understand the unique nature of the public sector.
Certified Pension Consultant: The Certified Pension Consultant (CPC) credential is designed for benefits professionals working in plan administration, pension actuarial administration, insurance, and financial planning.
For more information, see the American Society of Pension Professionals and Actuaries website.
LOCATION INFORMATION: Irving, Texas
Irving is located in Dallas County, Texas. It has a population of over 201,358, which has grown by 5.1% in the past ten years. The cost of living index in Irving, 91, is below the national average. New single-family homes in Irving cost $273,600 on average, which is far greater than the state average. In 2008, four hundred fifty-seven new homes were built in Irving, down from seven hundred ninety-five the previous year.
The three big industries for women in Irving are finance and insurance, educational services, and health care. For men, it is construction, professional, scientific, and technical services, and accommodation and food services. The average travel time to work is about 24 minutes. More than 30.0% of Irving residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 10.2%, is higher than the state average.
The unemployment rate in Irving is 7.8%, which is less than Texas's average of 8.1%.
The percentage of Irving residents that are affiliated with a religious congregation, 55.1%, is more than the national average but less than the state average. African Baptist Church of Irving, Plymouth Park Church and Chapel of the Bells Church are all churches located in Irving. The largest religious groups are the Catholic Church, the Southern Baptist Convention and the United Methodist Church.
Irving is home to the Dallas Gun Club and the Trinity Valley Marketplace as well as Senter Park and Revere Park. Shopping centers in the area include Irving Shopping Center, Plymouth Park Shopping Center and MacArthur Park Shopping Center. Visitors to Irving can choose from American Hospitality Services Corporation, Best Western DFW Airport and Four Seasons Resort and Club Dallas at Las Colinas for temporary stays in the area.